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Sadiq Khan has announced a £24 million plan to potentially decrease tube and train fares in London on Fridays.
The Mayor of London has requested that Transport for London (TfL) conduct a three-month experiment with the goal of increasing ridership and stimulating the economy by offering off-peak fares on Fridays.
This would necessitate the backing of the broader railway sector.
Higher fares are in effect during the morning rush hours from 6:30am to 9:30am, and the evening rush hours from 4pm to 7pm, for travel on TfL and mainline rail services within London.
Currently, the cost for a Tube ride during peak hours from Zone 6 to Zone 1 in central London is £5.60.
During the experiment, this price would decrease by £2 to £3.60 on Fridays.
Mr Khan has suggested setting aside a budget of £24 million for the 2024-25 fiscal year to fund the Friday experiment.
According to TfL data, the number of people riding the Tube during the week is 85% of what it was before the pandemic, but on Fridays it is only 73%.
The goal is to boost revenue for the hospitality industry by increasing the number of employees who go to the office on Fridays. This would lead to more spending on lunch, post-work drinks, and evening activities.
Mr Khan expressed his desire for all individuals to have the opportunity to fully enjoy their time living or working in London throughout the week.
He continued, “London has experienced a strong recovery post-pandemic, however, the decline in commuters returning on Fridays has had a significant impact on our local businesses, including shops, cafes, and cultural establishments.”
“I have requested that TfL test out off-peak fares on Fridays, and I urge Londoners to participate.”
Conducting a trial will allow us to determine if this method is successful in increasing ridership and providing a positive impact on businesses. This aligns with our goal of improving London for all residents.
Kate Nicholls, CEO of UKHospitality, stated: “It is clear that Fridays have been negatively impacted by the pandemic-induced changes in work schedules, resulting in a decrease in commuter trade for hospitality establishments.”
“Addressing these obstacles by implementing creative experiments, such as off-peak Fridays, is precisely the adaptable approach necessary to increase travel rates and encourage more visitors to our establishments.”
The trial was announced one week after Mr. Khan shared that TfL fares will not increase until March of next year. This will be made possible by using £123 million from Greater London Authority funding.
Susan Hall, the Conservative candidate in the upcoming mayoral election in May, referred to the fares freeze as a final attempt for success.
Source: independent.co.uk
